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business newsRandoms: Respect, Don't Defer
The bulls put on a brave face.
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S&P 875 is like a moth to a flame but as Minyan Dougie Kass mentioned to me on Instant Message, it may be too obvious.
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"Toddster, you may not want to rely too much on Technical Analysis 101 when Mercury is retrograde. Financial Astrology 10!" --Minyan LM
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Two thoughts on the near-term S&P. First, note the downtrend line, which will come into play around S&P 906 (it's a moving target). Second, see the gap (from yesterday's opening) that "works" to S&P 908ish.
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I have, so you know, re-entered a small S&P put position with loose grips the handlebars and trailing stops in place. Discipline over conviction as we find our way.
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And all I really wanna know is, are you gonna go Norway?
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A "hands over eyes" snapshot of our trading tells finds 2:1 positive breadth, banks are tacking on 3% and tech is holding early gains. That's constructive, any way you slice it, so respect (don’t defer to) the price action.
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What am I doin? Less, for the time being. I nibbled on a token S&P put position (July paper) with one eye on the "W" and the other on S&P 875.
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It’s consistent with my aforementioned stylistic approach. That doesn't make it right but it sure as schvitz makes it honest.
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How big is "token?" If they expired worthless, I'll still be able to feed Phoebe. -
Man, it's so quiet you can almost hear a bonus drop.
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What is it they say about never shorting a dull tape?
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If I had to list ten—no, make it eleven—"non-market' articles that capture the spirit of the 'Ville, they would be:
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Going Home (Scott Reamer)
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Why I'm Thankful (Jeff Macke)
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Good luck Minyans and as always, I hope this finds you well.
R.P.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at todd@minyanville.com.
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